In a new study released by Fortune Business Insights, analysts estimate the blockchain technology market's value will reach at least $21 billion by the year 20205. This is according to a report published in an industry newsletter. Fortune Business Insights is a company that offers market studies and consultation services to the cryptocurrency and investment industries.
The news release from Fortune Business Insights stated that the blockchain technology market was valued at around $1.64 billion in 2017. It is expected to reach $21.07 billion by the close of the year 2025. This is a growth of 38.4 percent every year between 2018 and 2025.
Experts have a few reasons in mind for this rapid growth. The top reason is that there are more global businesses interested in using the global blockchain technology market. More large corporations around the world are adding to their investments in blockchain research and development. They are doing this research within their own organizations.
In the news release, analysts also figure that an increase of interest from the public and different governments will hasten the expansion of blockchain. When people demand it, the regulators will be more likely to approve the different blockchain products. This also makes blockchain more accessible to investors who have shied away from it in the past.
The report also includes some details about which companies could be bigger players in the upcoming years. IBM is listed as one of them, which isn't a big surprise. Some of the others include Linux Foundation, Chain Inc., Oracle Corporation, with its software services, Fintech & Blockchain Software House and Deloitte, which is an accounting firm with global services. Also making the list are Schvey, Inc., Altoros, Bits, Inc. and VironIT, which people outside of finance and blockchain may not have heard of.
This study took a look at different industries across the globe. It examined banking, healthcare, government, finance, insurance and others. It took a look at how the banking and financial services industries were early adopters of blockchain. They were in it all the way back in 2009, when Bitcoin came into existence.